Financial Planning

Income Minimum Wage - $ 8.10 hourly Associates Degree – $ 40,000 Bachelor Degree – $ 50,000 Masters – $ 45,000 - $ 85,000 Doctorate – $100,000 - $ 250,000

Bills What are different bills you may have to pay when living on your own?

30% ($634) Housing 10% ($211) Utilities and other housing expenditures (including renters insurance) 15% ($317) Food (at-home and away) 10% ($211) Transportation (including car loan) 10% ($211) Debt repayment (student loans and credit cards) 10% ($211) Saving 5% ($106) Clothing 5% ($106) Entertainment 5% ($106) Car insurance and miscellaneous personal expenses Bills

Reality Check Minimum Wage -- $ 8.10 hourly Yearly $ 16,848 Taxes $- 4,212 Yearly – $ 12,636

Reality Check Monthly Budget Rent (water included) - $600 - $800 monthly Renters Insurance $126 (yearly) Gas and Electric $40 - $160 monthly Home Phone $24 Cable/Internet - $ 79 - $130 monthly (Just internet $15) Cell Phone $50 - $100 monthly Groceries $ 80 - $120 monthly Entertainment $ ?? Bus $ 430 yearly (work and back) Gas $100 monthly / Auto Insurance $80 / Car Payment $120 - $400 Health Insurance $100 Other $ ??

Reality Check My Life -- $ 46,000 Taxes $-11,500 $34,500 Rent (water included) - $783 monthly Gas and Electric - $40 - $160 monthly Transportation - Gas $40 – Car Payment - $400 Groceries - $ 80 - $120 monthly Cable/Internet - $130 monthly Phone - $93 monthly Insurance - Car $70 monthly – Apartment $126 yearly

Income Minimum Wage - $ 8.10 hourly Associates Degree – $ 40,000 Associates Degree – $ 40,000 Bachelor Degree – $ 50,000 Bachelor Degree – $ 50,000 Masters – $ 45,000 - $ 85,000 Doctorate – $100,000 - $ 250,000

Writing a Check What would you need to write a check for?

Check Writing Checks include the following information:

Check Writing DATE: Include the month, day and year you are writing the check.

Check Writing PAYEE: Write the name of the person or business on the line, “Pay to the order of.”

Check Writing AMOUNT IN NUMBERS: Write the amount of the check in numbers.

Check Writing AMOUNT IN WORDS: Write the amount of the check in words.

Check Writing SIGNATURE: Sign all checks the way you sign the signature card.

Check Writing MEMO: Use the memo area to note the reason for the check.

Check Writing ROUTING NUMBERS: The nine-digit string of numbers used to identify your bank to process the transaction

Check Writing ACCOUNT NUMBER: The number used to identify your unique account within the bank.

Check Writing CHECK NUMBER: The number used to identify a specific check within the sequence of the register. It usually includes 3 or 4 digits.

Check Writing TRANSIT NUMBER: Used to list checks for deposit.

Check Writing How to Write Checks: You should fill out the following 6 items.

DATE: Include the month, day and year you are writing the check. 09/15 06

PAYEE: Write the name of the person or business on the line, “Pay to the order of.” 09/15 06 Athletic Shoe Company

AMOUNT IN NUMBERS: Write the amount of the check in numbers. 09/15 06 Athletic Shoe Company55.63

AMOUNT IN WORDS: Write the amount in words. Start at the left, write any cents as a fraction, and draw a line in the extra space. 09/15 06 Athletic Shoe Company55.63 Fifty-Five and 63/

SIGNATURE: Sign all checks the way you sign the signature card. 09/15 06 Athletic Shoe Company55.63 Fifty-Five and 63/ George Washington Doe

MEMO: Use the memo area to note the reason for the check. 09/15 06 Athletic Shoe Company55.63 Fifty-Five and 63/ George Washington Doe Running Shoes

Check Register: Don’t forget to balance your checkbook by filling out the check register.